The banking industry got a boost from the Republican tax law, with the corporate tax rate falling from 35% to 21%. Bank of America’s bill to Uncle Sam in the first quarter of 2018 plunged by 26%, even though the No. 2 US bank earned 30% more.

The tax law boosted bank profits by about $6.7 billion for the first quarter of 2018. Yet banks would still have made record profits of $49.4 billion without the tax cuts.

Bank of America is worth $293,600,000,000.

The median net worth of Americans is $68,800, including home equity. The median net worth excluding home equity is $16,900.